Minute of the Annual General Meeting of Stranraer Credit Union Limited held at the Credit Union Office, 25 Hanover Square, Stranraer, on Wednesday 30th March 2016.
M Burton, R Burton, S Campbell, T Campbell, A Donnan, K Gilmore, J Hamilton, M Hamilton, J McClelland, J Robertson, J Slorance, M Scott, L Smith, M Taylor and S Taylor.
Before the business of the meeting, it was established that a quorum of the members was present.
Miss Margaret Burton in the Chair
The Chairperson welcomed the members present to the meeting.
Apologies for absence were intimated on behalf of S Lowrie, A McLucas, C Monteith, J Monteith, P Reid, R Smith, D Thomson, and D Walling.
Minute of the Annual General Meeting held on 25th March 2015, copies of which were circulated at the meeting, was proposed for approval by Susan Campbell and seconded by Lesley Smith.
The Board Report for the year to 30th September 2015, copies of which had been issued to those present, was read and accepted by the meeting.
There was query regarding interest on junior accounts. Treasurer advised that in the past any interest received on the junior bank account was divided between the junior members. However, this year interest received was so little that it would not be feasible to distribute it to the kids. However, it was suggested that in order to provide an incentive to keep saving, juniors be paid a small dividend, say 1%. Decision was deferred to the Board for assessment.
The financial report to 30th September 2015, copies of which had been issued to those present, showed that at the end of the year the Net Surplus was £1,020 less Corporation Tax of £45. This amount (£975) was added to the General Reserve which now stands at £20,044.
Treasurer advised that she had written to Unity Bank regarding bank charges and subsequently there had been a reduction in the charges from last year. She was hoping that there would a further reduction this year.
There was a query regarding insurance premiums/death benefit charges and Treasurer advised that the Death Benefit Trust was now defunct and that the members’ shares and loans were now covered by insurance provided by Cuna Mutual. It was agreed to ask the Board to re-assess the level of cover required prior to renewing the premiums in order to reduce the costs.
The report was accepted by the meeting.
The independent Auditors’ report, copies of which were circulated to those present, showed that there were satisfied with the accounts and had no concerns.
LOANS COMMITTEE REPORT
Copies of the Loans Report for the year to 30th September 2015 were issued to those present. This showed that a total of 131 loans were granted amounting to £147,092. The average loan was £1,122 compared to £1,067 the previous year. Treasurer advised that, in accordance with the regulations, provision was made in the accounts for doubtful debts and she confirmed that all bad debts would be pursued rigorously.
The report was accepted by the meeting.
The Supervisory Report was given verbally by J Slorance. He advised that auditing continued and everything was satisfactory. His report was noted by the meeting.
APPOINTMENT OF AUDITORS
Chair proposed that current auditors, Sharles Ltd. be re-appointed as auditors for year to 30th September 2016.
This was agreed by all present at the meeting.
ELECTION OF SUPERVISORY COMMITTEE
John Slorance to continue as internal auditor but two vacancies remain on this committee. There were no nominations from the meeting.
ELECTION OF BOARD OF DIRECTORS
The following directors were re-elected to the Board of Directors by those present at the meeting:-
|Susan Campbell||L Smith||J Slorance|
|Alison Donnan||L Smith||J Slorance|
|Sheila Lowrie||L Smith||J Slorance|
|Jessie Robertson||L Smith||J Slorance|
In addition, the following was nominated to the Board of Directors:-
|John McClelland||A Donnan||S Campbell|
He was elected by those present at the meeting.
A O C B
- Investments – J Slorance suggested that Treasurer speak with Mr I Dick, Financial Adviser, regarding a more beneficial investment. Treasurer to check the relevant regulations to ensure the proper method of investment open to Credit Unions.
- SLCU Annual General Meeting/Seminar – advised that Chair and Treasurer would be attending.
There being no other competent business, the meeting closed with the Chairperson thanking those present for their attendance.
Mr John Slorance proposed a vote of thanks to the Chairperson.